Why PacWest Bancorp Stock Fell 14.6% in August
PacWest Bancorp (NASDAQ: PACW) saw its stock price fall 14.6% in August, according to data provided by S&P Global Market Intelligence. The bank stock is currently trading at about $7.80 per share and is down roughly 65% year to date.
The major market indexes were all down in August as the S 500 fell 1.6%, the Dow Jones Industrial Average dropped 2.4%, and the Nasdaq Composite plunged 1.7% last month.
PacWest, based in Beverly Hills, California, is the 52nd-largest U.S. bank, with roughly $38.2 billion in assets as of June 30. It got hit hard back in March and April after the collapse of Silicon Valley Bank, as it also served start-ups and venture capitalists and suffered as a result, even though it did not have anywhere near the amount of uninsured deposits.
Source Fool.com
